SpaceX
SpaceX’s Crew Dragon launch moves to March, risking Falcon Heavy delays
The planning date for the launch debut of SpaceX’s Crew Dragon spacecraft has been pushed to no earlier than (NET) March 2019 per sources familiar with the matter, potentially creating a direct schedule conflict with the company’s planned operational debut of Falcon Heavy, also NET March 2019.
At the same time as delays to the Commercial Crew Program continue to increase the odds that NASA will lose assured access to the International Space Station (ISS) in 2020, both of SpaceX’s critical missions are entirely dependent upon the support of its Kennedy Space Center-located Launch Complex 39A (Pad 39A), creating a logistical puzzle that will likely delay Falcon Heavy’s second launch until Crew Dragon is safely in orbit.
The latest updates that #SpaceX has made to LC-39A. They have made a lot of progress with the cladding in the last month. #Falcon9 #Space #Spaceflight #SpaceCoast #Florida #KSC @NASASpaceflight pic.twitter.com/sq76IKDc3K
— Tom (@Cygnusx112) February 2, 2019
As of the first week of December 2018, SpaceX was reportedly planning towards a mid-January 2019 launch debut for Crew Dragon. By the end of December, DM-1 was no earlier than the end of January. By the end of January, DM-1 had slipped to from late-February to NET March 2019. Put in slightly different terms, SpaceX’s Crew Dragon launch debut has been more or less indefinitely postponed for the last two months, with planning dates being pushed back at roughly the same pace as the passage of time (i.e. a day’s delay every day).
Admittedly, DM’s apparently indefinite postponement may well be – and probably is – more of an artifact than a sign of any monolithic cause. While the US government’s longest-ever shutdown (35 days) undoubtedly delayed a major proportion of mission-critical work having to do with extensive NASA reviews of SpaceX and Crew Dragon’s launch readiness (known as Readiness Reviews), much of the 60+ day DM-1 delay can probably be attributed to the complexity of the tasks at hand. Being as it is the first time SpaceX has ever attempted a launch directly related to human spaceflight, as well as the first time NASA has been back at the helm (more or less) of US astronaut launch endeavors in more than 7.5 years, significant delays should come as no surprise regardless of how disappointing they may be.
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- Crew Dragon and its crew-rated Falcon 9 went vertical at a launch pad (Pad 39A) for the first time ever on January 4th. (SpaceX)
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- The whole shebang. (SpaceX)
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- The integrated DM-1 Crew Dragon ‘stack’ rolled out to Pad 39A for the first time in the first few days of 2019. (SpaceX)
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- A render of Crew Dragon launching atop Falcon 9. (SpaceX)
The most consequential aspect of DM-1’s two-month (at least) delay will likely be the myriad ways it feeds into delays of SpaceX’s in-flight abort (IFA) test and first crewed launch (DM-2), and thus’s NASA’s ability to once again independently launch US astronauts. Given that SpaceX’s DM-2 is expected to occur around six months after DM-1 and that the final certification of Crew Dragon for official astronaut launches will likely take another 2-3 months, these delays – barring heroics or program modifications – are pushing NASA dangerously close to the edge of losing assured US access to the International Space Station (ISS).
According to a July 2018 report, the Government Accountability Office (GAO) analyzed the Commercial Crew Program and NASA’s human spaceflight program more generally and concluded that NASA would lose assured access to the ISS in November 2019 if Boeing and SpaceX continued to suffer delays and were unable to reach certification status by then. This comes as a result of NASA’s reliance on Russian Soyuz launches for access both to and from the ISS, launch and return service contracts which have no replacements (aside from SpaceX and Boeing). While GAO noted that NASA could likely delay that loss of assured access until January 2020, even that might be pushing it if SpaceX’s DM-1 delay continues much further.
“[While NASA is working on potential solutions, it] has not yet developed a contingency plan to address the potential gaps that [future delays in Boeing and SpaceX schedules] could have on U.S. access to the ISS after 2019.” – GAO, July 2018
Prior to DM-1’s delay from NET January to NET March 2019, SpaceX was targeting an In-Flight Abort test roughly three months after DM-1 (it will reuse DM-1’s Crew Dragon capsule), DM-2 six months after DM-1 (NET June 2019), and NASA certification and the first operational astronaut launch (PCM-1) as few as two months after DM-2 (August 2019). It’s reasonable to assume that delays to DM-1 will impact subsequent Crew Dragon launches roughly 1:1, as DM-2 and its many associated reviews hinge directly on DM-1, while the same relationship also exists between PCM-1 and DM-2. As a result, Crew Dragon’s two-month delay probably means that SpaceX’s NASA certification will occur no earlier than October 2019, giving NASA no more than 90 days of buffer before the US presence on the ISS drops from around 50% (3 astronauts) to 0%.
An excellent view of #SpaceX Launch Complex 39A – better known as Pad 39A – from a February 4th Air National Guard (180th Fighter Wing) flyover. Of note, SpaceX has painted the FSS (tower) black and white and is in the process of installing transparent cladding. pic.twitter.com/DTiGWJk1D7
— Eric Ralph (@13ericralph31) February 5, 2019
Crew Dragon and Falcon Heavy walk into a bar…
The unexpected delays to Crew Dragon’s DM-1 launch debut are likely placing SpaceX in an awkward situation with respect to the operational launch debut of Falcon Heavy, meant to place the terminally delayed Arabsat 6A satellite into orbit no earlier than March 7th, 2019 (at the absolute earliest). DM-1 is also targeting a launch sometime in March, posing a significant problem: both Falcon Heavy and Crew Dragon can only launch from Pad 39A, while the on-site hangar simply doesn’t have the space to support schedule-critical Falcon Heavy prelaunch work (mainly booster integration and a static fire test) and no less critical Crew Dragon launch preparations simultaneously.
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- SpaceX’s 39A hangar is massive but it would be a stretch to support Crew Dragon and Falcon Heavy simultaneously. (SpaceX)
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- An impressive view of Crew Dragon (DM-1), Falcon 9 B1051, and its upper stage. (SpaceX)
Much like SpaceX’s inaugural Falcon Heavy rocket spent a month and a half fully integrated and more than two weeks in a static-fire limbo (albeit due to one-of-a-kind circumstances) before its launch debut, SpaceX’s second Falcon Heavy rocket – comprised of three new Block 5 boosters and Heavy-specific hardware upgrades – is likely to take a good deal more time than a normal Falcon 9 for prelaunch processing. Almost all of that Heavy-specific testing depends on the rocket being integrated (i.e. all three boosters attached) for preflight fit and systems checks and a wet dress rehearsal (WDR) and/or static fire ignition test.
It’s entirely possible that SpaceX integration technicians are able to complete the process of swapping out Crew Dragon and Falcon 9, modifying the transport/erector (T/E), completing Falcon Heavy booster integration, and installing Falcon Heavy on the T/E quickly enough to allow for simultaneous DM-1 and Arabsat 6A processing. It’s also possible that an extremely elegant but risky alternative strategy could solve the logistical puzzle – as an example, SpaceX could roll Crew Dragon and Falcon 9 out to Pad 39A a week or more before launch to give Falcon Heavy enough space for full integration, whereby Falcon 9’s necessarily successful launch would clear the T/E and allow it to be rolled back into 39A’s hangar for Falcon Heavy installation.
Falcon Heavy at the Cape pic.twitter.com/hizfDVsU7X
— Elon Musk (@elonmusk) December 20, 2017
The most likely (and least risky) end result, however, is an indefinite delay for Falcon Heavy Flight 2, pending the successful launch of Crew Dragon. This is very much an instance where “wait and see” is the only route to solid answers, so wait and see we shall.
Check out Teslarati’s newsletters for prompt updates, on-the-ground perspectives, and unique glimpses of SpaceX’s rocket launch and recovery processes!
The Ontario Teachers’ Pension Plan (OTPP) stands to reap one of the most extraordinary returns in pension fund history thanks to a bold 2019 investment in SpaceX.
According to a recent report from The Globe and Mail, the Toronto-based fund invested roughly $300 million CAD (~$220 million USD at the time) in Elon Musk’s space company as its inaugural deal through the Teachers’ Innovation Platform.
At SpaceX’s anticipated $1.75 trillion IPO valuation, set for a mid-June debut on Nasdaq under ticker $SPCX, that stake could now be worth up to $11.6 billion USD. This would represent a roughly 50x return and easily become OTPP’s most successful single investment ever.
The fund manages $279 billion in assets for approximately 346,000 working and retired teachers in Ontario, potentially delivering an average boost of around $33,500 per member if fully realized.
SpaceX has filed its S-1 and plans to price shares at $135 each, aiming to raise a record $75 billion in what would be the largest IPO in history, surpassing Saudi Aramco. The company reported $18.67 billion in revenue for 2025, driven primarily by Starlink satellite internet growth and NASA contracts, though it continues to post significant losses tied to ambitious R&D in Starship and AI initiatives.
Important pieces moving forward include:
- Starlink Expansion: The satellite broadband service is scaling rapidly, targeting global connectivity, especially in underserved rural and remote areas. This segment offers massive recurring revenue potential as numbers climb.
- Starship and Reusability Leadership: SpaceX’s fully reusable Starship aims to slash launch costs dramatically, enabling frequent missions, Mars ambitions, and lucrative government/defense contracts. Success here could unlock exponential growth.
- AI and Diversification: Recent moves, including ties to xAI, position SpaceX in high-growth AI infrastructure, broadening beyond traditional aerospace.
- Validation Scrutiny: While the $1.75 trillion target excites investors, analysts like Morningstar value the company closer to $780 billion, citing high multiples (around 90x trailing revenue) and execution risks. A 180-day lockup period will prevent early investors like OTPP from selling immediately post-IPO.
The irony has not been lost on observers. Ontario’s government previously canceled a Starlink rural internet contract amid political tensions involving Musk, yet the pension fund’s savvy investment, made when SpaceX was valued around $33-36 billion, and Starlink was nascent, delivers outsized gains independent of politics.
For OTPP, this windfall strengthens its already solid 111 percent funding ratio and underscores the value of patient, innovation-focused capital allocation.
For SpaceX, the IPO marks a new chapter: greater transparency, access to public markets for talent retention and growth capital, and heightened pressure to deliver on its multi-planetary vision.
All eyes are fixed on whether SpaceX can justify its lofty valuation through sustained execution. For Ontario teachers, the returns are already stellar, but SpaceX, like other Musk companies in the past, has plenty of things to prove. Perhaps the most ideal person for the job is at the helm, hoping to bring the company to a massive valuation.
Elon Musk
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
A single line in SpaceX’s amended S-1 just sent Tesla stock down 5% in one day.
A single line buried in SpaceX’s amended S-1 filing is doing more to move Tesla’s stock price than anything Tesla itself has announced in months. The clause, disclosed as SpaceX prepares for what could be the largest IPO in Wall Street history, states that the company “may issue a significant amount of equity in connection with future transactions.” While this may be seen as boilerplate language in S-1 filings, the historical ties between SpaceX and Tesla, and with Elon Musk reportedly discussing a possible merger with close colleagues, investors are interpreting it as something closer to a signal.
The concern among institutional investors like Gary Black, managing director of The Future Fund, pointed directly to the amended filing on X, saying it “strongly suggests more SPCX equity will be issued,” which could potentially be used to acquire Tesla. He estimated such a deal could be 28% dilutive to Tesla shareholders since SpaceX would likely command a significantly higher valuation multiple. Black added that institutional investors he knows hate the idea of a combination because they prefer pure plays over conglomerates, which he said “nearly always gravitate to the lowest common multiple.”
The Tesla and SpaceX merger everyone is talking about is quietly building
The bull case runs the math differently. Tesla influencer and retail shareholder advocate AleXandra Merz pushed back on what she called a widespread misunderstanding of how merger-of-equals deals actually work. Rather than simply splitting the difference between two market caps, a merger exchange ratio is negotiated based on relative fair market values, meaning the lower valued company typically sees its stock reprice upward toward the deal value.
Under her model, SpaceX enters at a $2.5 trillion valuation and Tesla at $1.6 trillion, producing a combined entity worth $4.1 trillion split evenly between both shareholder groups. That implies Tesla’s side of the deal would be valued at $2.05 trillion, a gain of roughly $450 billion from its current market cap. She cited Dow-DuPont and CBS-Viacom as historical examples of how markets reprice both companies toward the announced exchange ratio after a deal is unveiled.
What does a Merger of Equals mean to Elon’s compensation packages?
Well, it changes everything.
Enjoy https://t.co/uekCldyITw pic.twitter.com/kolq1C9qTu
— AleXandra Merz 🇺🇲 (@TeslaBoomerMama) June 1, 2026
The SpaceX S-1 amendments also revealed just how much financial infrastructure already binds the two companies together. As Teslarati has reported, SpaceX purchased $697 million in Tesla Megapacks, $131 million in Cybertrucks, and the two companies have shared supply chain resources, and semiconductor fabrication plans since well before any merger conversation became public. A retail poll by Tesla influencer Sawyer Merritt is finding that 36% of respondents do not plan to buy SpaceX shares at IPO and 15.3% saying their decision depends on the valuation.
Do you plan on buying @SpaceX stock at its IPO?
— Sawyer Merritt (@SawyerMerritt) June 1, 2026
Whether the merger happens or not, the amended filing is seemingly moving markets and sharpened a debate that is no longer theoretical. SpaceX is weeks away from trading publicly, and Tesla shareholders are now watching every word of every filing for clues about what Musk plans to do next.
Elon Musk has firmly denied recent media reports suggesting that SpaceX has reduced its target valuation for an upcoming initial public offering.
The denial came directly from the SpaceX and Tesla frontman on his social media platform X, where he responded with a single word, “False,” to a post from ZeroHedge that cited Bloomberg sources.
This swift rebuttal underscores Musk’s ongoing effort to manage speculation surrounding one of the most anticipated market debuts in recent history.
False
— Elon Musk (@elonmusk) May 29, 2026
According to the disputed reports, SpaceX had lowered its IPO valuation goal to at least $1.8 trillion from previous ambitions exceeding $2 trillion.
The claims emerged amid growing anticipation for the company’s confidential S-1 filing, which positions it for a potential public listing as early as June.
Some had pointed to strong revenue growth, particularly from the Starlink satellite internet service, which contributed heavily to the firm’s 2025 figures of $18.7 billion. Yet challenges persist in other areas, including substantial investments and losses tied to ambitious projects like Starship development and artificial intelligence initiatives, which plan to make life multiplanetary eventually.
Musk’s response highlights a pattern in which he actively counters what he views as inaccurate portrayals of his companies’ trajectories.
SpaceX, already valued privately at extraordinary levels, stands as a cornerstone of Musk’s empire alongside Tesla and xAI. The entrepreneur has long emphasized the transformative potential of reusable rockets and global broadband access, factors that fuel investor enthusiasm despite operational hurdles.
By rejecting the valuation downgrade narrative, Musk signals confidence in SpaceX’s fundamentals and its readiness for public markets on terms favorable to its long-term vision. People have been waiting a very long time to invest in SpaceX, and the valuation, as well as the introductory share price, is not going to need adjusting.
They’ll have plenty of suitors.
This episode reflects broader dynamics in the technology sector, where rumors often swirl around high-profile entities. Musk’s direct engagement with media narratives serves to maintain transparency and control the narrative around his ventures.
As SpaceX prepares for greater scrutiny in public markets, the founder’s denial reinforces optimism about its prospects. Supporters argue that the company’s innovative edge positions it for enduring success, far beyond short-term valuation debates. With the denial now public, attention turns to forthcoming regulatory filings that could provide clearer insights into SpaceX’s strategy and financial health.
The coming weeks promise to reveal more about how SpaceX will transition into a publicly traded powerhouse.
SpaceX IPO set to provide massive $11.6B windfall for teacher pension plan
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